Desoto Signs Standstill Accord

May 14, 1991

DeSoto Inc. has signed a standstill agreement with investor Malcolm Glazer that prohibits any hostile takeover attempt by him over the next two years. In supplemental proxy statements filed with the Securities and Exchange Commission, DeSoto said it signed the standstill agreement early last week after receiving a $6.25-a-share takeover bid from Glazer, a Rochester, N.Y.-based millionaire with interests in real estate and other investments. Glazer`s offer, characterized as friendly, was set to expire May 8. DeSoto still faces a proxy fight for board seats and a potential takeover threat from New York-based Sutton Holding Corp.